Shein’s revenues in the UK continue to soar, with the fast fashion retailer recently reporting profits of £1.6 billion for the year, according to a report from the Financial Times (FT).

The company registered total sales of £24 billion, more than doubling previous figures.

The company recently announced its plans for a London stock market debut, with informal investor roadshows scheduled to commerce this month, meaning that the sales spike could translate into a higher company valuation.

Earlier this month, a report from Reuters indicated that the retailer is seeking to schedule informal meetings with European investors to gauge interest in the potential initial public offering (IPO). These preparations follow Shein's confidential filing with Britain's Financial Conduct Authority (FCA) in early June.

However, the company is facing difficulties in Europe, as governments including Germany, France, and the Netherlands, have recently called for stricter enforcement of EU standards on online platforms, while also supporting an overhaul of EU import taxes that could impose import duty on cheap parcels that were previously tax-exempt.

The timeline for the IPO remains subject to regulatory approval, with the company reportedly aiming to launch the float in the current quarter. Additionally, Shein still requires approval from the China Securities Regulatory Commission (CSRC), which earlier this year expressed concerns about the company's supply chain issues in relation to its proposed US listing.

In accounts filed to Companies House earlier this month, Shein said it had strengthened its presence in the UK with the opening of a new office in Manchester.

The retailer, headquartered in Singapore, might also face sales impediments in the US due to new shipping regulations. Shein and competitor Temu used “de minimis” exemptions for US shipping, allowing them to keep shipping costs low.

However, in September the Biden-Harris Administration said it was taking new actions to address “significant increased abuse” of the exemption, with a particular focus on China-founded e-commerce platforms. It added that it would also strengthen efforts to target and block shipments that violate US legislation.

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